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S&P cuts Westmoreland Coal
S&P said it lowered the corporate credit rating on Westmoreland Coal Co. to CCC from CCC+.
The outlook is negative.
At the same time, the agency lowered the issue-level rating on Oxford Mining Co. LLC's first-lien term loan to CCC from CCC+ and revised the recovery rating to 4 from 3, indicating an expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default.
Additionally, S&P lowered the issue-level rating on Westmoreland Coal's first-lien term loan and 8¾% senior secured notes to CCC from CCC+. The 4 recovery rating remains, indicating an expectation for average (30%-50%; rounded estimate: 40%) recovery.
The downgrade reflects that Westmoreland could default in the next year without an unforeseen positive development, the agency explained.
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